A Porsche-backed startup is building a massive battery recycling plant to boost Europe’s EV industry

A massive battery recycling plant is being built in Germany by Cylib, a startup looking to reduce waste from EV batteries that have reached the end of their life. Cylib, which is backed by luxury sports car firm Porsche and appliances maker Bosch, on Monday started work on the new site in the town of Dormagen, in the German federal state of North Rhine-Westphalia. More than 180 million euros ($200 million) is being pumped into the facility, which is expected to span 236,000 square feet and will produce recycled batteries for the electric vehicle industry in Europe. It plans to recycle roughly 30,000 metric tons of end-of-life batteries at the facility each year, making it larger in scale than the current biggest plant, Hydrovolt, a joint venture between Swedish EV battery maker Northvolt and Norway-based aluminum and renewable energy firm Hydro. Recycled batteries produced by Cylib’s new facility are expected to be used by Porsche, which invested in the startup as part of a 55 million euro funding round, a source familiar with the matter told CNBC. Asked about Porsche’s involvement in the project, a Cylib spokesperson said that investments from partners like Porsche are “strategic,” adding that it is working closely with its investors about process industrialization and commercial partnerships. Crucial for the EV transition Battery recycling is a key priority for the European Union, which is looking to ensure the sustainable development of batteries needed to fuel the transition to electric vehicles. Founded in 2022 by German entrepreneur Lilian Schwich, her husband Gideon Schwich, and Paul Sabarny, Cylib uses water-based lithium and graphite recovery techniques to repurpose materials from batteries that have hit the end of their lifespan. Earlier this year, the firm raised 55 million euros of financing from investors including climate-focused venture capital firm World Fund, Porsche Ventures, Bosch, and DeepTech & Climate Fonds. Cylib said the new plant would primarily serve automotive, battery manufacturing and chemicals clients. “Cylib reaching industrial scale production will be a key driver in building a robust European battery infrastructure,” Schwich said in a press statement. – This Summarize was created by Neural News AI (V1). Source: https://www.nbcnews.com/business/energy/porsche-backed-startup-building-massive-battery-recycling-plant-boost-rcna170316